June 2019 UPDATE

All eyes on Vienna
As markets observers are preparing for the upcoming OPEC meeting in Vienna, Austria, Rystad Energy's key analysts are pleased to share some of their insights with our readers.
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UPCOMING EVENTS

Galp Petroleum Engineering Open Days
July 2-3, 2019
Lisbon, Portugal
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Unconventional Resources Technology Conference 2019
July 22-24, 2019
Denver, United States
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SPE Workshop on Reserves and Resource Estimation
July 24, 2019
Perth, Australia
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NORWEP Energy Conference
August 21, 2019
Nesbru, Norway
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Rystad Energy Upstream Webinar
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July 11, 2019

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INDUSTRY VIEW

"Tail order for US shale to beat 2017 returns"
The return on investment from oil and gas wells in the most popular shale hotspot in the Permian Delaware basin peaked in 2017, according to a new study by Rystad Energy.
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"Service companies can flex their muscles again"
After several years in the doldrums, oilfield service companies are beginning to raise prices for their products and services, according to Rystad Energy.
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"OPEC meeting preview"
The OPEC+ countries will not be able to increase their collective oil production levels in the second half of 2019 without having a detrimental effect on oil prices. However, the production cuts required by OPEC+ in order to support prices need not be as much as 1.5 million barrels per day (bpd), according to Rystad Energy.
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"Oilfield service sector posts positive annual growth, but struggles remain"
Rystad Energy has reviewed the financials of 200 contractors as first quarter reporting comes to a close, revealing that aggregated quarterly revenue growth for service companies exposed to upstream oil and gas activities has seen positive growth for eight consecutive quarters year-on-year – a first since 2014.
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"United States cements its position as world leader in oil reserves"
In its latest annual report of world recoverable oil resources, Rystad Energy, the independent energy research firm, finds that the United States currently holds 293 billion barrels of recoverable oil resources.
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"$200+ billion at stake as offshore sanctioning kicks into gear"
As the oil and gas industry comes out of the recent downturn, E&P companies are tempted to chase the rewards of higher oil prices by accelerating the sanctioning of new projects.
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"Chinese buyers have avoided US LNG projects even before the tariffs hiked to 25%"
Despite the Chinese tariffs, there is still appetite for US LNG from other countries. Since the first tariff of 10% was introduced on US LNG in September 2019, the US has signed about 18 million tpa worth of new export agreements with buyers globally.
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"US oil output poised to set yet another record in 2019"
US oil production keeps accelerating towards new highs. New records are expected both when the final numbers for May emerge and at the end of the year.
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"Permian natural gas flaring and venting reaching all-time high"
Flaring and venting of natural gas in the Permian Basin in Texas and New Mexico reached a new all-time high in the first quarter of 2019, averaging as much as 661 million cubic feet per day (MMcfd), according to research conducted by Rystad Energy.
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"Australia will be top LNG producer for four years"
Australia is poised to become the world’s largest producer of liquefied natural gas (LNG) next year and to retain that position until 2024, when Qatar will reclaim the top spot.
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"Drilling contractors to emerge from spending rut in 2019"
The revitalization in offshore activity is good news across the service industry segments, but drillers especially have reason to be mildly optimistic.
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"Permian consolidation will likely follow precedent of more mature basins"
The consolidation process in the Permian Basin is underway, echoing the evolution of many mature basins that came before it.
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"A bright future for Renewables in APAC"
Renewables energy investment in Asia excluding China will overtake spending on upstream oil and gas projects in the region as early as next year.
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"South America on the verge of new growth wave"
Despite high declines from mature fields, and supply disruptions in Venezuela, South American production is slated to see a new growth wave, supported by supply additions from new projects in Brazil and shale developments in Argentina.
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